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CBN Announces Intervention Fund For Coronavirus

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Tobi Adebayo 

The Governor of the Central Bank of Nigeria, Godwin Emefiele has announced a N 1 .1 tn intervention fund to support critical sectors of the economy, including the fight against the deadly coronavirus.

Emefiele made this known in a press statement made available to journalists and said it was imperative following the coronavirus pandemic.

” First the CBN is directing all Deposit Money Banks to increase their support to the pharmaceutical and healthcare industries.

“ In local drug manufacturing , in increased bed count in hospitals across Nigeria , in funding intensive care as well as in training , laboratory testing, equipment and R &D .

“ In addition to the N 50 bn soft loans to small businesses already announced, the CBN will increase its intervention by another N100 bn in loans this year to support health authorities .

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“Secondly , given the continuing impact of the disease on global supply chains , the CBN will increase its intervention in boosting local manufacturing and import substitution by another N 1 tn across all critical sectors of the economy.

“The management of the CBN will meet with the Bankers Committee this Saturday at 10 .00 am to work out the modalities for the intervention,” the statement read.

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